Blockchain Technology In Healthcare Market: Segmented By Application (Supply Chain Management, Clinical Data Exchange & Interoperability, Claims Adjustments and Billing): By End Users (Pharmaceutical Companies, Healthcare payers, Providers) Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
[ 171+ Pages Research Report ] Blockchain Technology In Healthcare Market to surpass USD 76063.08 million by 2031 from USD 594.97 million in 2021 at a CAGR of 62.43% within the coming years, i.e., 2021-31.
Product overview
Blockchain Technology is defined as a decentralized, distributed ledger that records the provenance of a digital asset. It is referred to as distributed ledger technology that makes the history of any digital asset permanent and transparent through the use of decentralization and cryptographic hashing. blockchain has extensive variety of tenders and uses in healthcare. The ledger technology facilitates the secure transmission of patient medical records, accomplishes the medical supply chain, and helps healthcare unlock genetic code.
Market Highlights
Blockchain Technology In Healthcare Market is predicted to project a notable CAGR of 7.47% in 2031.
Increased use of Blockchain Technology in Healthcare will fuel industry growth over the next ten years. Increased global infrastructure spending is expected to drive demand over the forecast period. In addition to industry growth, Blockchain Technology in Healthcare Market penetration is expected to rise above the forecast level. On the other hand, increasing Investment by the major players in new environmentally friendly techniques to produce Blockchain Technology In Healthcare will create more opportunities that will result in the growth of the Blockchain Technology In the Healthcare Market over the forecast period.
Blockchain Technology In Healthcare Market: Segments
Supply Chain Management segment to grow with the highest CAGR during 2021-2031
On the basis of Application in Healthcare, the Healthcare Blockchain Market is segmented into Clinical Data Interoperability and Identity management, Supply Chain Management, Health Insurance, and Fraud prevention, and other applications. The supply management segment is reported for the major market share of the world Healthcare Blockchain Market. Factors such as growing number of counterfeit drugs in flow and the drug quality and security act in the US and the Falsified Medicines Directive in Europe are diving the adoption of blockchain in supply chain management.
Pharmaceutical Companies segment to grow with the highest CAGR during 2021-2031
Based on End-users, the global Healthcare Blockchain Market is broadly segmented into pharmaceutical companies, Healthcare Payers, Healthcare Providers, and other end users. The Pharmaceutical Companies segment accounted for the largest share of the Healthcare Blockchain Market, while the healthcare payers’ section is expected to grow. Rise in the healthcare payers segment is reported to the growing need for secure health evidence discussion between providers and payers, rising insurance fraud, growing medical tourism, and the need to improve the operational efficiency of healthcare organizations.
Blockchain Technology in Healthcare Market: Market Dynamics
Drivers
Increasing Incidence of Healthcare Data Breaches
Over the years, the incidence of data breaches has increased significantly in the healthcare industry. In the past few years, healthcare data breaches have grown up in both frequency and size, with the most momentous breaches impacting as many as 80 million people. Healthcare data breaches often depict highly sensitive data, from personally identifiable information such as social security health data.
Government Initiatives
Blockchain technology is emerging as an effective key in the healthcare industry. Many startups have started speaking major pain points in the healthcare industry with the assistance of the Blockchain Technology. In the last few years, Blockchain stakeholders in the healthcare industry. Due to the interest in the technology, different government bodies across the globe are capitalizing in blockchain to research the same.
Restraints
Reluctance To Disclose Data
In the healthcare industry, a majority of healthcare providers and payers, especially in emerging economies, are reluctant to disclose data due to a lack of regulations relate to medical data exchange. For healthcare providers, it is a competitive benefit to healthcare to keep data to themselves as sharing of data with healthcare payers could decrease the reimbursement as they might get different rates for different patients. Under these circumstances manufactures are at profit war. This is accounted to hamper the adoption of Blockchain Technology in the Healthcare sector.
Effects of COVID19 in the Blockchain Technology in Healthcare Market
A large number of Blockchain Technology in Healthcare companies felt the impact of the COVID19 pandemic in multiple dimensions and now emphasize sustained growth in the long-term future as the global Blockchain Technology in Healthcare industry. The pandemic has negatively impacted the supply chain of numerous sectors. Therefore, disruption in raw material supplies have hindered the market. The market will recover soon after the pandemic gets over.
Blockchain Technology In Healthcare Market: Key Players
Farma Trust (UK)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
SimplyVital Health
IBM (US)
Microsoft (US)
Chronicled (US)
iSOLVE(US)
Hashed Health (US)
Patientory (US)
Factom (US)
Proof.Work (UK)
Blockpharma (France)
Medicalchain (UK)
Other prominent players
Blockchain Technology in Healthcare Market: Regions
Blockchain Technology in Healthcare Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America witnesses profitable growth over the forecast timeframe driven by the implementation of regulations in the region regarding the safety of patient data and improving quality of care, increasing incident of fraudulent activities in the healthcare sector, growing need to decrease the escalating healthcare costs, and the growing need to protect medical data from tampering. On the other hand, Asia Pacific is also expected to register growth in the forecast timeframe.
Blockchain Technology In Healthcare Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Blockchain Technology In Healthcare Market report also contains analysis on:
Blockchain Technology In Healthcare Market Segments:
By Application
Supply Chain Management
Clinical Data Exchange & Interoperability
Claims Adjustments
Billing
Others
By End-users
Pharmaceutical Companies
Healthcare payers
Providers
Blockchain Technology in Healthcare Market Dynamics
Blockchain Technology in Healthcare Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Blockchain Technology In Healthcare Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 594.97 million
Revenue forecast in 2031 USD 76063.08 million
Growth Rate CAGR of 62.43% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Application, End-user, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled SimplyVital Health, IBM (US), Microsoft (US), Chronicled (US), iSOLVE(US), Hashed Health (US), Patientory (US), Factom (US), Proof. Work (UK), Blockpharma (France), Medicalchain (UK)
Product overview
Blockchain Technology is defined as a decentralized, distributed ledger that records the provenance of a digital asset. It is referred to as distributed ledger technology that makes the history of any digital asset permanent and transparent through the use of decentralization and cryptographic hashing. blockchain has extensive variety of tenders and uses in healthcare. The ledger technology facilitates the secure transmission of patient medical records, accomplishes the medical supply chain, and helps healthcare unlock genetic code.
Market Highlights
Blockchain Technology In Healthcare Market is predicted to project a notable CAGR of 7.47% in 2031.
Increased use of Blockchain Technology in Healthcare will fuel industry growth over the next ten years. Increased global infrastructure spending is expected to drive demand over the forecast period. In addition to industry growth, Blockchain Technology in Healthcare Market penetration is expected to rise above the forecast level. On the other hand, increasing Investment by the major players in new environmentally friendly techniques to produce Blockchain Technology In Healthcare will create more opportunities that will result in the growth of the Blockchain Technology In the Healthcare Market over the forecast period.
Blockchain Technology In Healthcare Market: Segments
Supply Chain Management segment to grow with the highest CAGR during 2021-2031
On the basis of Application in Healthcare, the Healthcare Blockchain Market is segmented into Clinical Data Interoperability and Identity management, Supply Chain Management, Health Insurance, and Fraud prevention, and other applications. The supply management segment is reported for the major market share of the world Healthcare Blockchain Market. Factors such as growing number of counterfeit drugs in flow and the drug quality and security act in the US and the Falsified Medicines Directive in Europe are diving the adoption of blockchain in supply chain management.
Pharmaceutical Companies segment to grow with the highest CAGR during 2021-2031
Based on End-users, the global Healthcare Blockchain Market is broadly segmented into pharmaceutical companies, Healthcare Payers, Healthcare Providers, and other end users. The Pharmaceutical Companies segment accounted for the largest share of the Healthcare Blockchain Market, while the healthcare payers’ section is expected to grow. Rise in the healthcare payers segment is reported to the growing need for secure health evidence discussion between providers and payers, rising insurance fraud, growing medical tourism, and the need to improve the operational efficiency of healthcare organizations.
Blockchain Technology in Healthcare Market: Market Dynamics
Drivers
Increasing Incidence of Healthcare Data Breaches
Over the years, the incidence of data breaches has increased significantly in the healthcare industry. In the past few years, healthcare data breaches have grown up in both frequency and size, with the most momentous breaches impacting as many as 80 million people. Healthcare data breaches often depict highly sensitive data, from personally identifiable information such as social security health data.
Government Initiatives
Blockchain technology is emerging as an effective key in the healthcare industry. Many startups have started speaking major pain points in the healthcare industry with the assistance of the Blockchain Technology. In the last few years, Blockchain stakeholders in the healthcare industry. Due to the interest in the technology, different government bodies across the globe are capitalizing in blockchain to research the same.
Restraints
Reluctance To Disclose Data
In the healthcare industry, a majority of healthcare providers and payers, especially in emerging economies, are reluctant to disclose data due to a lack of regulations relate to medical data exchange. For healthcare providers, it is a competitive benefit to healthcare to keep data to themselves as sharing of data with healthcare payers could decrease the reimbursement as they might get different rates for different patients. Under these circumstances manufactures are at profit war. This is accounted to hamper the adoption of Blockchain Technology in the Healthcare sector.
Effects of COVID19 in the Blockchain Technology in Healthcare Market
A large number of Blockchain Technology in Healthcare companies felt the impact of the COVID19 pandemic in multiple dimensions and now emphasize sustained growth in the long-term future as the global Blockchain Technology in Healthcare industry. The pandemic has negatively impacted the supply chain of numerous sectors. Therefore, disruption in raw material supplies have hindered the market. The market will recover soon after the pandemic gets over.
Blockchain Technology In Healthcare Market: Key Players
Farma Trust (UK)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
SimplyVital Health
IBM (US)
Microsoft (US)
Chronicled (US)
iSOLVE(US)
Hashed Health (US)
Patientory (US)
Factom (US)
Proof.Work (UK)
Blockpharma (France)
Medicalchain (UK)
Other prominent players
Blockchain Technology in Healthcare Market: Regions
Blockchain Technology in Healthcare Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America witnesses profitable growth over the forecast timeframe driven by the implementation of regulations in the region regarding the safety of patient data and improving quality of care, increasing incident of fraudulent activities in the healthcare sector, growing need to decrease the escalating healthcare costs, and the growing need to protect medical data from tampering. On the other hand, Asia Pacific is also expected to register growth in the forecast timeframe.
Blockchain Technology In Healthcare Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Blockchain Technology In Healthcare Market report also contains analysis on:
Blockchain Technology In Healthcare Market Segments:
By Application
Supply Chain Management
Clinical Data Exchange & Interoperability
Claims Adjustments
Billing
Others
By End-users
Pharmaceutical Companies
Healthcare payers
Providers
Blockchain Technology in Healthcare Market Dynamics
Blockchain Technology in Healthcare Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Blockchain Technology In Healthcare Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 594.97 million
Revenue forecast in 2031 USD 76063.08 million
Growth Rate CAGR of 62.43% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Application, End-user, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled SimplyVital Health, IBM (US), Microsoft (US), Chronicled (US), iSOLVE(US), Hashed Health (US), Patientory (US), Factom (US), Proof. Work (UK), Blockpharma (France), Medicalchain (UK)
1. EXECUTIVE SUMMARY
2. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. RESEARCH METHODOLOGY
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. AVERAGE PRICING ANALYSIS
5. MACRO-ECONOMIC INDICATORS
6. MARKET DYNAMICS
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. CORRELATION & REGRESSION ANALYSIS
7.1. Correlation Matrix
7.2. Regression Matrix
8. RECENT DEVELOPMENT, POLICIES & REGULATORY LANDSCAPE
9. RISK ANALYSIS
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET ANALYSIS
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET
11.1. Market Size & forecast, 2020A-2030F
11.1.1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: MARKET SEGMENTATION
12.1. By Regions
12.1.1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2. By Application Type: Market Share (2020-2030F)
12.2.1. Supply Chain Management, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.2. Clinical Data Exchange & Interoperability, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.3. Claims Adjustments, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3. By End User Type: Market Share (2020-2030F)
12.3.1. Pharmaceutical Companies, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.2. Healthcare payers, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.3. Providers, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
13 COMPANY PROFILE
13.1. Proof.Work
13.1.1. Company Overview
13.1.2. Company Total Revenue (Financials)
13.1.3. Market Potential
13.1.4. Global Presence
13.1.5. Key Performance Indicators
13.1.6. SWOT Analysis
13.1.7. Product Launch
13.2. SimplyVital Health
13.3. IBM
13.4. Microsoft
13.5. Chronicled
13.6. iSOLVE
13.7. Hashed Health
13.8. Patientory
13.9. Factom
13.10. Blockpharma
13.11. Other Prominent Players
14 CONSULTANT RECOMMENDATION
**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
2. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. RESEARCH METHODOLOGY
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. AVERAGE PRICING ANALYSIS
5. MACRO-ECONOMIC INDICATORS
6. MARKET DYNAMICS
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. CORRELATION & REGRESSION ANALYSIS
7.1. Correlation Matrix
7.2. Regression Matrix
8. RECENT DEVELOPMENT, POLICIES & REGULATORY LANDSCAPE
9. RISK ANALYSIS
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET ANALYSIS
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET
11.1. Market Size & forecast, 2020A-2030F
11.1.1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: MARKET SEGMENTATION
12.1. By Regions
12.1.1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2. By Application Type: Market Share (2020-2030F)
12.2.1. Supply Chain Management, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.2. Clinical Data Exchange & Interoperability, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.3. Claims Adjustments, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3. By End User Type: Market Share (2020-2030F)
12.3.1. Pharmaceutical Companies, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.2. Healthcare payers, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.3. Providers, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
13 COMPANY PROFILE
13.1. Proof.Work
13.1.1. Company Overview
13.1.2. Company Total Revenue (Financials)
13.1.3. Market Potential
13.1.4. Global Presence
13.1.5. Key Performance Indicators
13.1.6. SWOT Analysis
13.1.7. Product Launch
13.2. SimplyVital Health
13.3. IBM
13.4. Microsoft
13.5. Chronicled
13.6. iSOLVE
13.7. Hashed Health
13.8. Patientory
13.9. Factom
13.10. Blockpharma
13.11. Other Prominent Players
14 CONSULTANT RECOMMENDATION
**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
